This beautiful Elliott Wave on the daily chart is indicating Bitcoin is about to find a temporary top around 70k. As the theory proposes, we should expect a more severe correction after that wave is completed. Be aware of bull traps once we hit that level.
It's interesting to point how every subwave is clearly noticed on the chart.
Loved that!
It's interesting to point how every subwave is clearly noticed on the chart.
Loved that!
Note
*Also, I would like to mention this:The arguments regarding whales pumping and dumping Bitcoin seem not to have affected this pattern at all so far... How's that?
Well, I strongly believe any technical analyst should never blame whales for messing up with their analyses; those analyses might simply be wrong!
This analysis could also turn out to be wrong! It happens. In fact, it's just a matter of finding the correct pattern and you can forget about whales. Bitcoin has a market cap above $1 tri, so it would require multiple whales to actually change the future of Bitcoin.
Be humble.
TA works. (The correct ones.)
Note
Well, it looks like we've broken out earlier!70k is not in the short-term play anymore. Looking at the size of that red candle and its wick, we should expect some retest of the wedge back around 60k. Then we should head lower, imo.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.